If you’ve got your credit report and your loan application in order and you’re hoping to buy a home, you might be thinking the year is ending too quickly. Because of this, you might be thinking about postponing your purchase until early next year. However, there are several benefits to year-end buying which you can take advantage of should you close before the year is out.
According to this article at Realty Times, closing on a home by the day following Christmas can save homebuyers more money than any other time of the year, knocking upwards of $2,500 off of the final sale price of the home. While that does not sound like a lot when you compare it to a $250,000 home; but paying even 1% less for your home will have your mortgage paid off just a bit faster.
Based on real estate data from 2013-2017, presented by ATTOM Data Solutions, the ten best bargain days for those shopping for a new home are in December, including the 1st, 3rd, 4th, 7th and 21st. Each of these dates showed that homebuyers have consistently saved at least $1,000 on the final sale price of their homes during the final month of the year.
This could be partly due to the fact that December is usually the least competitive month out of the year in which to buy a home. There are fewer families scanning the market for the perfect place to live because so many people are preoccupied with holiday shopping, traveling, and other events related to the season.
If you’ve got the time and resources, shopping for a home and closing by the end of the year is something to seriously consider. Not only will you save money on the sale price, you’ll also be able to claim your new purchase on your tax return in the following tax season. That’s an even greater savings available to you for simply swooping in at the last moment and buying yourself a house.
Let my team at Keystone Realtors® meet all your real estate needs. I have over 16 years of experience in buying and selling in the Santa Clara and San Mateo County areas, specializing in the high-end, luxury market. Visit our website at https://www.paulphangureh.com/for listings and information. You can contact me at 650-924-2544, or email at email@example.com.